Northeast

IPA Negotiates Sale of 303-Unit Apartment Community in Manchester, Connecticut

by Taylor Williams July 25, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Catherine’s Way, a 303-unit apartment community located in Manchester, an eastern suburb of Hartford. Built in 1998-1999, the property consists of 13 two- and three-story buildings. Units come in one-, two- and three-bedroom floor plans, have an average size of 1,043 square feet and are furnished with full-size washers and dryers and walk-in closets. Amenities include an indoor pool, sauna, fitness center, tennis courts and movie theater. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction. Afton Properties purchased the asset for an undisclosed price.

July 25, 2023

Acquisitions Industrial Northeast Pennsylvania

Cushman & Wakefield Arranges Back-to-Back Sale of Industrial Property in York, Pennsylvania

by Taylor Williams July 25, 2023

YORK, PA. — Cushman & Wakefield has arranged the back-to-back sale of a 100,232-square-foot industrial property located at 350 N. Sherman St. in York, about 100 miles west of Philadelphia. The property sits on 5.7 acres and features 14 dock doors, a clear height of 32 feet, 43 auto parking spaces and 10 trailer parking spaces. In the first deal, locally based firm Inch & Co. sold the asset to Dallas-based Dalfen Industrial for $12.7 million. That same day, Dalfen sold the property to New York-based furniture retailer Raymour & Flanigan for $16.9 million. Gerry Blinebury and Collin Potter of Cushman & Wakefield brokered the first transaction, and the firm collaborated with Newmark to facilitate the second sale.

July 25, 2023

Development Loans Multifamily New York Northeast

Naftali Credit Partners Provides $48M in Financing for Manhattan Multifamily Project

by Taylor Williams July 25, 2023

NEW YORK CITY — A subsidiary of locally based lender Naftali Group has provided $48 million in financing for 8 Carlisle Street, a 64-story, 400-unit multifamily project that will be located in Manhattan’s Financial District. Proceeds will be used to refinance existing debt on the land and fund various predevelopment costs. The borrower is North Carolina-based developer Grubb Properties. Construction of the building, which will include ground-floor retail space, is slated for a 2026 completion.

July 25, 2023

Development Massachusetts Multifamily Northeast

RISE Nears Completion of 42-Unit Multifamily Redevelopment in Haverhill, Massachusetts

by Taylor Williams July 25, 2023

HAVERHILL, MASS. — Locally based developer RISE is nearing completion of a multifamily redevelopment project at 86 Essex St. in Haverhill, a northern suburb of Boston. The project is converting a seven-story former industrial building in the downtown area that was originally constructed in 1910 into a 42-unit apartment complex that will be known as Essex Street Lofts. Full completion is scheduled for October.

July 25, 2023

Leasing Activity New York Northeast Office

Center for Reproductive Rights Signs 35,995 SF Office Lease Renewal in Downtown Manhattan

by Taylor Williams July 25, 2023

NEW YORK CITY — The Center for Reproductive Rights has signed a 35,995-square-foot office lease renewal at One Seaport Plaza in downtown Manhattan, where the global human rights organization has operated its headquarters for the past 10 years. The new lease term is 15 years. The 1.1 million-square-foot building was constructed in 1984. Adam Rappaport and Brett Greenberg internally represented the landlord, Jack Resnick & Sons, in the lease negotiations. Daniel Horowitz, Jeffrey Peck, Ira Schuman and Stephan Steiner of Savills represented The Center for Reproductive Rights.

July 25, 2023

Development Multifamily New York Northeast

Partnership Completes 249-Unit Apartment Complex in Mount Vernon, New York

by Taylor Williams July 24, 2023

MOUNT VERNON, N.Y. — A partnership between Alexander Development Group, The Bluestone Organization and J.P. Morgan Global Alternatives has completed 42 Broad, a 249-unit apartment complex in Mount Vernon, located north of New York City. Designed by Perkins Eastman, the 16-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, walk-in showers and individual washers and dryers. Amenities include a pool, fitness center, outdoor kitchens, game room, lobby lounge, coworking spaces, library and a zen garden, as well as ground-floor retail space. Rents start at $2,100 for a studio apartment.

July 24, 2023

Acquisitions Civic New York Northeast

Cushman & Wakefield Arranges $14M Sale of Manhattan Elementary School Building

by Taylor Williams July 24, 2023

NEW YORK CITY — Cushman & Wakefield has arranged the $14 million sale of the 16,267-square-foot elementary school building of The Calhoun School, located at 160 W. 74th St. on Manhattan’s Upper West Side. The five-story building houses a theater, gym, playground and conference room in addition to classrooms and administrative offices. Craig Waggner, John Ciraulo, Andrew Berry, Charlie Gravina, Mike Kavanagh and Jack Stephen of Cushman & Wakefield represented The Calhoun School in the transaction. The buyer was Bayrock Capital. Ownership recently invested in upgrades to the building’s mechanical systems, windows and façade.

July 24, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Beacon Communities, CCBA Break Ground on 85-Unit Affordable Housing Project in Boston

by Taylor Williams July 24, 2023

BOSTON — A partnership between nonprofit owner-operator Beacon Communities and the Chinese Consolidated Benevolent Association of New England Inc. (CCBA) has broken ground on Pok Oi, an 85-unit affordable housing project in Boston’s Chinatown district. The complex will offer one-, two- and three-bedroom units that will be reserved for renters earning 80 percent or less of the area median income. Nine units will be specifically set aside for citizens experiencing homelessness. Citizens Bank provided construction financing for the project, and MassDevelopment issued tax-exempt bonds. Completion is slated for late 2024.

July 24, 2023

Development Industrial New Jersey Northeast

Denholtz Properties Completes 40,500 SF Industrial Flex Building in Hamilton, New Jersey

by Taylor Williams July 24, 2023

HAMILTON, N.J. — Locally based developer Denholtz Properties has delivered 800 Horizon Center, a 40,500-square-foot industrial flex building in the Northern New Jersey community of Hamilton. The site is located less than three miles from Exit 7A on the New Jersey Turnpike at the intersection of Interstate 195 and U.S. Route 130. Building features include divisibility to 2,700-square-foot units, a clear height of 26 feet, 15 roll-up doors and roughly 110 car parking spaces. Fennelly Associates has been tapped as the leasing agent as of February 2024.

July 24, 2023

Leasing Activity New York Northeast Office

VTS Signs 34,325 SF Office Headquarters Sublease at 3 Bryant Park in Midtown Manhattan

by Taylor Williams July 24, 2023

NEW YORK CITY — VTS, a provider of commercial proptech solutions, has signed a 34,325-square-foot office headquarters sublease at 3 Bryant Park in Midtown Manhattan. The term is six years. The company will relocate from 141 W. 41st St. in the fourth quarter to the entire 14th floor of the building, which was previously occupied by Salesforce. Jim Wenk of Savills, along with Patrick Heeg of Transwestern and Sam Seiler of JLL, represented VTS in the lease negotiations. Sacha Zarba, James Ackerson and Alice Fair of CBRE represented Salesforce. Ivanhoe Cambridge owns 3 Bryant Park.

July 24, 2023

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